The connected vehicle’s market is growing at a rapid pace. Tech-savvy auto manufacturers are already pivoting with advanced dashboard systems offering a vast selection of app integration features, driving assistance and safety. In-car payments are among one of those advanced dashboard features. In-vehicle payment technology can be enabled with the help of long-range radio frequency identification (RFID) tags or by embedded BLE hardware modules that can transmit data at a higher range or with Bluetooth or NFC protocols. This newer Human Machine Interface (HMI) trends in automotive enable drivers/passengers do smart payment at fuel pumps, parking, and toll gates without pulling out any cards or devices that save time and help them in getting to a destination more conveniently and efficiently. As connectivity solutions become more and more integrated into the vehicles, the in-vehicle connectivity and telematics-based systems have led to technological enrichment like in-vehicle payment systems have enhances the overall in-vehicle experience for both passengers and drivers. In-vehicle payment systems offer numerous benefits such as pay-at-the-pump, voice shopping, smart parking, car rental experience, automated repair payments and so on, the complexity of the system required to manage these features has also increased. However, owing to the growing demand for comfort, luxury, and convenience in-vehicle environment, this demand further expected to boost the growth of in-vehicle payment systems over the forecast period. On the other hand, complexity and high-cost installation are among the key factors that restrict the growth of the in-vehicle payment systems market.
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Insights Presented in the Report
Based on connectivity, the market is fragmented into 3G, 4G, 5G, Wi-Fi, Bluetooth, and NFC. Bluetooth and NFC share several features, both being forms of wireless communication between devices over short distances and can be used as in-vehicle payment systems
Based on the form factor, the market is segmented into Embedded, Tethered and Integrated System. These solutions are complemented by wide-ranging capabilities in automotive design and styling, development, validation, testing and system integration offering better driving experience in safety and reliability
Based on vehicle type, the market is bifurcated into Passenger cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs) and Automated Guided Vehicles. Owing to the benefits that the in-vehicle payment systems offer in terms of luxury, comfort, and convenience, sales of these high-end vehicles certainly supplement boost the market
Based on the application, the market is bifurcated into Parking Management, Toll Collection, and Drive-through Purchasing. Paying toll tax has always been a hassle, with embedded long-range radio frequency identification either on a vehicle’s license plate and/or a windshield label, a vehicle can pass through these toll roads smoothly while toll tax will be deducted automatically from the car owner’s account
For better understanding on the market dynamics of in-vehicle payment systems market, detailed analysis was conducted for different countries in the region including North America (United States, Canada and Rest of North America), Europe (Germany, UK, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific), and Rest of the World
Some of the major players operating in the market include General Motors Co, Audi AG, BMW Group, Daimler AG (Mercedes-Benz), Ford Motor Company, Tesla Inc., IBM Corporation, Mastercard Inc., Visa, Inc., and Alphabet Inc. among others
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